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Arab Finance: The Egyptian government has decided to adopt a flexible exchange rate system as part of its economic reform agenda, ensuring the currency’s value reflects market supply and demand, Prime Minister Mostafa Madbouly stated.
During the cabinet’s meeting, Madbouly emphasized that the country has sufficient foreign currency reserves and is not facing a dollar shortage.
The Central Bank of Egypt (CBE) is acting with full flexibility to meet market requirements, he added.
Moreover, he noted that global currency markets have shifted in recent days due to regional events, with the US dollar strengthening against several major currencies, a development he described as expected under current conflict conditions.
On March 3rd, the US dollar exceeded the EGP 50-mark at Egyptian banks.
Madbouly addressed the public, assuring them that the current situation is exceptional and everything will return to normal once the US-Israel-Iran war ends.
